Today in Crypto: Hacks Boost Hardware Wallet Sales
- Susan G. Hall
- on Aug 24, 2022
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), says people are being persuaded to avoid crypto because of the bank’s warnings – a positive result for him, Coindesk wrote Tuesday (August 23).
He said he was “happy” that they sent warning signals and knew that many people had not invested because of the bank’s caution and concern.
He also said crypto could harm the bank’s ability to manage monetary policy. The RBI has not been shy about voicing its concerns about digital assets, and Deputy Governor T. Rabi Sankar said there could be a case for banning cryptocurrency outright in India.
Meanwhile, the crypto industry has been experiencing a series of hacks and bankruptcies for years, but this has added to sales of hardware wallets, Bloomberg wrote.
Wallets have been useful for customers trying to protect their crypto assets. Hardware wallets are distinct from others because they hold a user’s private keys, the passwords needed to access blockchain assets, offline.
Ledger, a French company, reported a 400% increase in overnight sales following a $5.2 million hack related to digital wallets on the Solana blockchain. And Hong Kong’s Ellipal saw its wallet sales increase by 30% after this hack.
Elsewhere, the US Department of Justice has indicted three people in a crypto scam that allegedly netted them over $4 million, Coindesk wrote.
Esteban Cabrera Da Corte, Luis Hernandez Gonzalez and Asdrubal Ramirez Meza have been accused of stealing identities and using them to buy cryptocurrency in 2020.
The purchases would have been financed by bank transfers. And after allegedly buying the crypto, the suspects disputed the transactions with the banks to get them to reverse the transfers. Then the suspects allegedly redeposited the money into the accounts they controlled.
Finally, the German regulator Bafin published a Attention on the risks of crypto assets, saying they fall outside the scope of deposit insurance protection.
This means that investors could lose all their money. German rules say getting his money back depends on the details of insolvency law and terms of service, with recent meltdowns like that of Celsius Network leading to ‘messy’ bankruptcy cases where former customers have to go. fight through lengthy legal proceedings to get their money.
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